Latest from the Bureau of Labor Statistics is just out:
“The unemployment rate declined to 4.2 percent in September, and total nonfarm payroll employment changed little (-33,000), the U.S. Bureau of Labor Statistics reported today. A sharp employment
decline in food services and drinking places and below-trend growth in some other industries likely reflected the impact of Hurricanes Irma and Harvey.
Going into this, CNBC figured about 125,000 jobs were wiped out by hurricane impacts. Our estimate was 126,000….d’oh…
The report goes on:
“The unemployment rate decreased by 0.2 percentage point to 4.2 percent in September, and the number of unemployed persons declined by 331,000 to 6.8 million. Both measures were down over the year.
Among the major worker groups, the unemployment rates for adult men (3.9 percent) and Blacks (7.0 percent) declined in September. The jobless rates for adult women (3.9 percent), teenagers
(12.9 percent), Whites (3.7 percent), Asians (3.7 percent), and Hispanics (5.1 percent) showed little change.
The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged in September at 1.7 million and accounted for 25.5 percent of the unemployed.
The employment-population ratio increased by 0.3 percentage point to 60.4 percent in September and has increased by 0.6 percentage point over the past 12 months. The labor force participation rate,
at 63.1 percent, changed little over the month and has shown little movement over the year.
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 5.1 million in September. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find full-time jobs.
The labor participation rate increased a bit (63.1 from 62.9%).
Almost a million more people were working – up 906,000.
And the CES Birth/Death Model? Estimated job creation was down 49,000 with a surprising -20,000 jobs in business and professional services. Is it a foreshadowing of economic pullback thinking in the mahogany foxholes?
Dow should drop today…not a lot – maybe 30-70 later on the Dow because of “weekend risk.”
Coded Message for Peoplenomics Subscribers
Yesterday looks like the first of the 3K sequence discussed Wednesday, which leave the balance for next week…
Washington Testosterone Check
President Trump is said to be ready to decertify the Iran nuclear deal. Which would put him in opposition to the rubber-stamping idiot RINOs.
You may have noticed, however, that the NY Times has never held office, so far as we know.
As usual, the liberal press seems to ignore the obvious.
- They claim the “deal is working” – but the fact is, we don’t know and will not – until it’s too late. Where will Israel be, then?
- They think it would upset the Korea balance. On the contrary, it would teach that nuke-puke that we mean business. We aren’t rollovers like the last trio of clowns in the Oval. Space the rod and spoil the Peninsula, we always say.
- “It sends the wrong message to Iran” Oh? Obama sending those BILLIONS to Iran was the wrong message. Where was the outrage there? A more accurate read of history revealed in “$1.7-billion payment to Iran was all in cash due to effectiveness of sanctions, White House says” is that Obama would pay a “protection racket..”
We are not surprised at stupid editorial views, however, since the guy doing the decertifying is that person every MSM outlet seems to love to bash.
We’d just limit him to six tweets a day and call it good.
Meantime, though, left-wing media are now trying to drive a wedgie between Trump and his cabinet which is how we got to the headline After report of tension with Tillerson, Trump tweets that NBC News ‘should issue an apology to AMERICA!’
Remember, when you read “Pence had to intervene” or some-such pap, what’s much more likely going on is the RINOs are still trying to bump Trump and hence Pence…who would be their boy in the Oval. Trump, et al are all over it…and the RINOs have lost. But clowns like Bob Corker – being touted by the Online Retailing Giant’s newspaper – are still working to keep “hence, Pence” alive as a concept. The Real Estate President versus the online giants is still a working framework when sizing up the future of Trump and Pence.
Wet dream, on Pence’s part? Sure. And no, I don’t think Pence will get the nod in 2020 – I’d have a tough time voting for him as would most small central government, balanced budget – and here’s one: Honest Money supporters. But there’s this thick haze of RINO BS lingo fogging the field of thinking in Washington, make no mistake about it.
Fed Data Matters
To the end of July, M1 was being pumped at an annualized 6.7% increase rate. But if you look at the H.6 money stocks report this week, you’ll find the same number through September 25 is up 8.4%. So the market is about peaking, as we see it.
This as Janet et all pull a low-level pump and dump to clear their balance sheet for the pension debacle which will be the next disaster which will cost us all dearly and may result in loads of new financial restrictions. More on that over on the PN side of things.
Playing in the Wind
Our consigliere was out the door at 5:05 AM on his adventure trip to Cancun for a week. He will be arriving an hour or four ahead of Hurricane Nate:
We’ve encouraged him to head down south of Cancun and do one of the guided cave dives. They aren’t really dives so much as you just put on a life preserver (of BC if you’re a diver) and float and flip almost half a mile underground through the ironshore. Light’s about every 100-200 feet from holes the previous high culture in the area dug to light things up.
With the hurricane through today, we’d expect this to be a Thursday or Friday adventure for ’em so the water clears…
Monetizing Disaster Logbook
Ah…Everything IS a Business Model, even shattered Puerto Rico, appears to us:
And since we’re on topic: While we don’t care about Harvey what’s-it’s pechewzelwhackering adventures, we love to see how folks keep name familiarity going. For example, we’re studying “That Jay-Z Quote in Harvey Weinstein’s Statement? It’s Not Real” and wondering cui bono?
So, Bob, How’s Fishing?
What do you get with 16 (mostly Clinton contributing) attorneys? Here’s a hint: Mueller’s Team Met With the Former Spy Who Wrote the Trump-Russia Dossier, Report Says.
We are extremely interested not so much in the Mueller fandango but in why there are leaks and why no charges?
Totally Useless But It’s Friday Dept.
Evidence continues to mount that mainstream media have flipped the eff out: Stories that prove the point today include:
7 days quiz: Which renowned thinker is connected to Victoria Beckham? (We’re kinda wondering, uh, how they are connected…)
I’d roll with more, but you get idea. Or, you don’t get the idea, and thus we conclude you have an IQ in the 70’s and have no business on a thinking, grown-up’s website like ‘this-un.’
If you’re above room temp brains, come on back Monday morning when we will again abuse the language, challenge the mind, and wonder about age-old ad slogans. Because around here, quality is job 2. Making money is job 1.
Oooh, what a feeling, it’s Friday.